Fujimori Leads Peru Presidential Vote as Mining Risks Rise – by Cecilia Jamasmie – April 13, 2026)

Key Takeaways

• Fujimori secured 17.17% of votes, just ahead of Aliaga.
• Run‑off scheduled for June 7 to decide presidency.
• Fujimori promises clearer mining regulations to attract foreign capital.
• Mining sector faces heightened political risk amid upcoming election.

Pulse Analysis

Peru accounts for roughly 10% of global copper output and is a leading producer of gold, zinc and silver. The sector generates about $30 billion in export revenue each year, supporting roughly 15% of the country’s GDP and employing hundreds of thousands of workers. Recent years have seen a slowdown in new project approvals due to regulatory uncertainty and community opposition, prompting multinational miners to seek clearer rules. Investors therefore watch political developments closely, as any shift in mining policy can quickly affect cash flows and project pipelines.

Keiko Fujimori’s first‑round performance—17.17% of the vote—positions her against former Lima mayor Rafael López Aliaga in a June 7 runoff. Fujimori has framed herself as pro‑U.S. and investor‑friendly, pledging to streamline permitting and provide legal certainty for mining contracts. Her rhetoric also emphasizes law‑and‑order themes reminiscent of her father’s 1990s administration, appealing to voters concerned about crime and corruption. If she wins, the expected regulatory reforms could lower project‑approval timelines, but critics warn that her populist stance may still leave community consent and environmental standards vulnerable.

The runoff reflects a broader right‑wing surge across Latin America, where leaders such as Chile’s José Kast and Argentina’s Javier Milei have won on platforms promising economic liberalization and tougher security policies. For global mining firms, a Fujimori victory could mean more predictable tax regimes and faster access to Peru’s rich ore bodies, encouraging fresh capital inflows. However, the political volatility inherent in tightly contested elections also raises short‑term risk, prompting investors to balance potential upside against the possibility of policy reversals if the opposition prevails.